Klein Michael Frederick 4

What Happened
Michael Frederick Klein, EVP & President, Personal Insurance at Travelers (TRV), exercised 10,000 options and immediately sold 10,000 shares on April 20, 2026. He acquired 10,000 shares by exercising at $132.58 per share (cost $1,325,800) and disposed of those 10,000 shares in two open-market tranches: 6,730 shares at a weighted average price of $303.47 (proceeds $2,042,353) and 3,270 shares at a weighted average price of $304.38 (proceeds $995,338). Total gross proceeds from the sales were about $3,037,691, implying a pre-tax spread (proceeds minus exercise cost) of roughly $1,711,891.

Key Details

• Transaction date: 2026-04-20; Form 4 filed 2026-04-21 (timely).
• Exercise/Acquisition: 10,000 shares @ $132.58 = $1,325,800.
• Sales (open market): 6,730 shares @ weighted avg $303.47 (range $303.10–$303.87) = $2,042,353 (F1); 3,270 shares @ weighted avg $304.38 (range $304.11–$304.65) = $995,338 (F2). Total sold = 10,000 shares; total proceeds ≈ $3,037,691.
• Derivative line: a 10,000-share conversion/disposition reported at $0.00 reflects the exercised derivative/option settlement tied to the transactions.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 and F2 disclose weighted-average sale-price ranges and that the reporting person will provide per-price sell counts on request.

Context
This was effectively a cashless exercise: options were exercised and the resulting shares were sold the same day. Such transactions are common for executives to cover exercise costs, tax obligations, or to diversify—sales are routine and do not alone indicate a change in company outlook. Purchases generally carry more weight as a bullish signal than routine option exercises followed by sales.